$PINE
Alpine Income Property Trust, Inc.

2024 Q4 Form 10-Q Financial Statement

#000155837024013368 Filed on October 17, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $13.48M
YoY Change 16.62%
Cost Of Revenue $1.741M
YoY Change 1.22%
Gross Profit $11.74M
YoY Change 19.3%
Gross Profit Margin 87.08%
Selling, General & Admin $1.843M
YoY Change 11.7%
% of Gross Profit 15.7%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.340M
YoY Change -2.88%
% of Gross Profit 54.01%
Operating Expenses $10.45M
YoY Change -18.17%
Operating Profit $6.460M
YoY Change 368.46%
Interest Expense -$3.167M
YoY Change 29.64%
% of Operating Profit -49.02%
Other Income/Expense, Net
YoY Change
Pretax Income $3.354M
YoY Change -456.81%
Income Tax
% Of Pretax Income
Net Earnings $3.080M
YoY Change -467.98%
Net Earnings / Revenue 22.85%
Basic Earnings Per Share $0.22
Diluted Earnings Per Share $0.21
COMMON SHARES
Basic Shares Outstanding 14.27M 13.63M
Diluted Shares Outstanding 14.97M

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.560M
YoY Change -59.37%
Cash & Equivalents $2.560M
Short-Term Investments
Other Short-Term Assets $1.588M
YoY Change -30.96%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $5.098M
YoY Change -49.02%
LONG-TERM ASSETS
Property, Plant & Equipment $407.4M
YoY Change -9.78%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $30.48M
YoY Change 81.44%
Total Long-Term Assets $573.9M
YoY Change 4.79%
TOTAL ASSETS
Total Short-Term Assets $5.098M
Total Long-Term Assets $573.9M
Total Assets $579.0M
YoY Change 3.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.00K
YoY Change -81.0%
Accrued Expenses $5.100M
YoY Change 18.6%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.172M
YoY Change 10.21%
LONG-TERM LIABILITIES
Long-Term Debt $278.9M
YoY Change 11.96%
Other Long-Term Liabilities $21.96M
YoY Change 209.32%
Total Long-Term Liabilities $300.9M
YoY Change 17.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.172M
Total Long-Term Liabilities $300.9M
Total Liabilities $307.0M
YoY Change 17.28%
SHAREHOLDERS EQUITY
Retained Earnings -$10.65M
YoY Change -1090.88%
Common Stock $254.3M
YoY Change 4.02%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $248.2M
YoY Change
Total Liabilities & Shareholders Equity $579.0M
YoY Change 3.82%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income $3.080M
YoY Change -467.98%
Depreciation, Depletion And Amortization $6.340M
YoY Change -2.88%
Cash From Operating Activities $6.214M
YoY Change 22.81%
INVESTING ACTIVITIES
Capital Expenditures $6.577M
YoY Change -66.66%
Acquisitions
YoY Change
Other Investing Activities $4.669M
YoY Change -64.82%
Cash From Investing Activities -$1.908M
YoY Change -70.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 17.35M
YoY Change -291.96%
NET CHANGE
Cash From Operating Activities 6.214M
Cash From Investing Activities -1.908M
Cash From Financing Activities 17.35M
Net Change In Cash 21.66M
YoY Change -307.66%
FREE CASH FLOW
Cash From Operating Activities $6.214M
Capital Expenditures $6.577M
Free Cash Flow -$363.0K
YoY Change -97.53%

Facts In Submission

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CY2024Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
274000
CY2023Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-102000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
269000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
314000
CY2024Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
-547000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
-412000
CY2024Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
-273000
CY2023Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
-102000
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
-143000
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
314000
CY2024Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-3059000
CY2023Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
655000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-1610000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
5687000
CY2024Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
268354000
CY2024Q3 us-gaap Profit Loss
ProfitLoss
3354000
CY2024Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
79000
CY2024Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
11019000
CY2024Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.280
CY2024Q3 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
4166000
CY2024Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-6686000
CY2024Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
271954000
CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
304280000
CY2023Q3 us-gaap Profit Loss
ProfitLoss
-939000
CY2023Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
4711000
CY2023Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
79000
CY2023Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
-28000
CY2023Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.275
CY2023Q3 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
4288000
CY2023Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
1492000
CY2023Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
295885000
CY2023Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
275613000
us-gaap Profit Loss
ProfitLoss
3293000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
775000
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
238000
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
10963000
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.830
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
12332000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-5046000
CY2024Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
271954000
CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
295375000
us-gaap Profit Loss
ProfitLoss
2896000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
5076000
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
224000
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
12315000
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.825
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
12954000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
3105000
CY2023Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
295885000
us-gaap Profit Loss
ProfitLoss
3293000
us-gaap Profit Loss
ProfitLoss
2896000
pine Depreciation Depletion And Amortization Including Discontinued Operations
DepreciationDepletionAndAmortizationIncludingDiscontinuedOperations
19074000
pine Depreciation Depletion And Amortization Including Discontinued Operations
DepreciationDepletionAndAmortizationIncludingDiscontinuedOperations
19286000
us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
361000
us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
299000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
540000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
530000
pine Accretion Of Commercial Loans And Investments Origination Fees
AccretionOfCommercialLoansAndInvestmentsOriginationFees
111000
pine Accretion Of Commercial Loans And Investments Origination Fees
AccretionOfCommercialLoansAndInvestmentsOriginationFees
4000
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
4344000
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
7782000
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
1110000
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
2864000
us-gaap Share Based Compensation
ShareBasedCompensation
238000
us-gaap Share Based Compensation
ShareBasedCompensation
238000
us-gaap Increase Decrease In Prepaid Rent
IncreaseDecreaseInPrepaidRent
370000
us-gaap Increase Decrease In Prepaid Rent
IncreaseDecreaseInPrepaidRent
386000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-65000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
237000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1179000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1233000
pine Increase Decrease In Prepaid Rent And Deferred Revenue
IncreaseDecreaseInPrepaidRentAndDeferredRevenue
692000
pine Increase Decrease In Prepaid Rent And Deferred Revenue
IncreaseDecreaseInPrepaidRentAndDeferredRevenue
405000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
21005000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
18744000
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
22523000
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
81395000
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
53702000
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
97919000
us-gaap Payments To Acquire Loans Receivable
PaymentsToAcquireLoansReceivable
52993000
us-gaap Payments To Acquire Loans Receivable
PaymentsToAcquireLoansReceivable
6870000
us-gaap Proceeds From Collection Of Loans Receivable
ProceedsFromCollectionOfLoansReceivable
14292000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-7522000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
9654000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
67900000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
4750000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
64900000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
23000000
us-gaap Payments Of Loan Costs
PaymentsOfLoanCosts
15000
us-gaap Payments Of Loan Costs
PaymentsOfLoanCosts
46000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
775000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
5076000
pine Proceeds From Issuance Of Common Stock Net Of Stock Issuance Costs
ProceedsFromIssuanceOfCommonStockNetOfStockIssuanceCosts
10963000
pine Proceeds From Issuance Of Common Stock Net Of Stock Issuance Costs
ProceedsFromIssuanceOfCommonStockNetOfStockIssuanceCosts
12315000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
12332000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
12954000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
841000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-24011000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
14324000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
4387000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
13731000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
13044000
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
28055000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
17431000
CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2560000
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
6265000
CY2024Q3 us-gaap Restricted Cash
RestrictedCash
25495000
CY2023Q3 us-gaap Restricted Cash
RestrictedCash
11166000
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
28055000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
17431000
us-gaap Interest Paid Net
InterestPaidNet
8996000
us-gaap Interest Paid Net
InterestPaidNet
6924000
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-5046000
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
3105000
CY2024Q3 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
34
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2024Q3 dei Entity Number Of Employees
EntityNumberOfEmployees
0
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.17;text-align:justify;margin:0pt;"><i style="font-style:italic;">USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.17;margin:0pt 0pt 0pt 12.25pt;"> </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.17;text-align:justify;text-indent:18pt;margin:0pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period presented. Actual results could differ from those estimates.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.17;text-align:justify;text-indent:18pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.17;text-align:justify;text-indent:18pt;margin:0pt;">Among other factors, fluctuating market conditions that can exist in the national real estate markets and the volatility and uncertainty in the financial and credit markets make it possible that the estimates and assumptions, most notably those related to PINE’s investment in properties, could change materially due to continued volatility in the real estate and financial markets, or as a result of a significant dislocation in those markets.</p>
CY2024Q3 us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
4200000
CY2023Q3 us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
4300000
us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
12700000
us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
12600000
us-gaap Revenue Recognition Leases
RevenueRecognitionLeases
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">PROPERTY LEASE REVENUE</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 12.25pt;"><i style="font-style:italic;"> </i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">The rental arrangements associated with the Company’s property portfolio are classified as operating leases. The Company recognizes lease income on these properties on a straight-line basis over the term of the lease. Accordingly, contractual lease payment increases are recognized evenly over the term of the lease. The periodic difference between lease income recognized under this method and contractual lease payment terms (i.e., straight-line rent) is recorded as a deferred operating lease receivable and is included in straight-line rent adjustment on the accompanying consolidated balance sheets. The Company’s leases provide for reimbursement from tenants for variable lease payments including common area maintenance, insurance, real estate taxes and other operating expenses. A portion of our variable lease payment revenue is estimated each period and is recognized as rental income in the period the recoverable costs are incurred and accrued.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">The collectability of tenant receivables and straight-line rent adjustments is determined based on, among other things, the aging of the tenant receivable, management’s evaluation of credit risk associated with the tenant and industry of the tenant, and a review of specifically identified accounts using judgment. As of September 30, 2024 and December 31, 2023, the Company’s allowance for doubtful accounts totaled $0.2 million and $0.4 million, respectively.</p>
CY2024Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
200000
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
400000
CY2024Q3 us-gaap Restricted Cash
RestrictedCash
25500000
CY2024Q3 pine Restricted Cash Escrow Accounts
RestrictedCashEscrowAccounts
22400000
CY2024Q3 pine Restricted Cash Interest Tax And Insurance Reserve Accounts
RestrictedCashInterestTaxAndInsuranceReserveAccounts
3100000
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.15;text-align:justify;margin:0pt;"><i style="font-style:italic;">CONCENTRATION OF CREDIT RISK</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 12.2pt;"><i style="font-style:italic;"> </i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">Certain individual tenants in the Company’s portfolio of properties accounted for more than 10% of lease income from the Company’s income properties during the nine months ended September 30, 2024 and 2023. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">During the nine months ended September 30, 2024 and 2023, Walgreens accounted for 11% of lease income revenue. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">As of September 30, 2024, 12%, 12%, and 11% of the Company’s real estate portfolio, based on square footage, was located in the states of New Jersey, Michigan, and Ohio, respectively. As of December 31, 2023, 13%, 11%, and 11% of the Company’s real estate portfolio, based on square footage, was located in the states of Texas, New Jersey, and Michigan, respectively.</p>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">RECLASSIFICATIONS</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">Certain items in the prior period’s consolidated balance sheet and consolidated statement of operations have been reclassified to conform to the presentation for the three and nine months ended September 30, 2024. Specifically, tax, insurance, and capital expenditure reserve accounts related to the Company’s commercial loans and investments were previously included within prepaid rent and deferred revenue and are now included within accounts payable, accrued expenses, and other liabilities on the accompanying consolidated balance sheets. There was no impact to retained earnings as a result of the reclassification. </p>
CY2024Q3 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
133
CY2024Q3 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
3600000
CY2024Q3 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
10051000
CY2023Q3 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
10049000
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
29815000
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
30187000
CY2024Q3 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
1667000
CY2023Q3 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
1398000
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
4697000
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
3764000
CY2024Q3 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
11718000
CY2023Q3 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
11447000
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
34512000
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
33951000
CY2024Q3 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
9174000
CY2024Q3 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
36512000
CY2024Q3 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
35968000
CY2024Q3 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
32365000
CY2024Q3 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
28696000
CY2024Q3 us-gaap Lessor Operating Lease Payments To Be Received Five Years
LessorOperatingLeasePaymentsToBeReceivedFiveYears
23708000
CY2024Q3 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
LessorOperatingLeasePaymentsToBeReceivedThereafter
77609000
CY2024Q3 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
244032000
CY2024Q3 pine Sec Schedule1229 Real Estate Companies Investment In Mortgage Loans On Real Estate Original Face Amount
SecSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateOriginalFaceAmount
101136000
CY2024Q3 srt Mortgage Loans On Real Estate Face Amount Of Mortgages
MortgageLoansOnRealEstateFaceAmountOfMortgages
87748000
CY2024Q3 us-gaap Mortgage Loans On Real Estate
MortgageLoansOnRealEstate
87426000
CY2024Q3 pine Financing Receivable And Net Investment In Lease Allowance For Credit Loss And Fee
FinancingReceivableAndNetInvestmentInLeaseAllowanceForCreditLossAndFee
877000
CY2024Q3 us-gaap Mortgage Loans On Real Estate Commercial And Consumer Net
MortgageLoansOnRealEstateCommercialAndConsumerNet
86549000
CY2023Q4 pine Sec Schedule1229 Real Estate Companies Investment In Mortgage Loans On Real Estate Original Face Amount
SecSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateOriginalFaceAmount
38625000
CY2023Q4 srt Mortgage Loans On Real Estate Face Amount Of Mortgages
MortgageLoansOnRealEstateFaceAmountOfMortgages
35629000
CY2023Q4 us-gaap Mortgage Loans On Real Estate
MortgageLoansOnRealEstate
35437000
CY2023Q4 pine Financing Receivable And Net Investment In Lease Allowance For Credit Loss And Fee
FinancingReceivableAndNetInvestmentInLeaseAllowanceForCreditLossAndFee
357000
CY2023Q4 us-gaap Mortgage Loans On Real Estate Commercial And Consumer Net
MortgageLoansOnRealEstateCommercialAndConsumerNet
35080000
CY2024Q3 srt Mortgage Loans On Real Estate Face Amount Of Mortgages
MortgageLoansOnRealEstateFaceAmountOfMortgages
87748000
CY2023Q4 srt Mortgage Loans On Real Estate Face Amount Of Mortgages
MortgageLoansOnRealEstateFaceAmountOfMortgages
35629000
CY2024Q3 us-gaap Financing Receivable Unamortized Loan Fee Cost
FinancingReceivableUnamortizedLoanFeeCost
-322000
CY2023Q4 us-gaap Financing Receivable Unamortized Loan Fee Cost
FinancingReceivableUnamortizedLoanFeeCost
-192000
CY2024Q3 pine Financing Receivable And Net Investment In Lease Allowance For Credit Loss And Fee
FinancingReceivableAndNetInvestmentInLeaseAllowanceForCreditLossAndFee
877000
CY2023Q4 pine Financing Receivable And Net Investment In Lease Allowance For Credit Loss And Fee
FinancingReceivableAndNetInvestmentInLeaseAllowanceForCreditLossAndFee
357000
CY2024Q3 us-gaap Mortgage Loans On Real Estate Commercial And Consumer Net
MortgageLoansOnRealEstateCommercialAndConsumerNet
86549000
CY2023Q4 us-gaap Mortgage Loans On Real Estate Commercial And Consumer Net
MortgageLoansOnRealEstateCommercialAndConsumerNet
35080000
CY2024Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
64613000
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
70074000
CY2024Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
24039000
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
20782000
CY2024Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
40574000
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
49292000
CY2024Q3 us-gaap Below Market Lease Gross
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6312000
CY2023Q4 us-gaap Below Market Lease Gross
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6770000
CY2024Q3 pine Intangible Lease Liabilities Gross
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6312000
CY2023Q4 pine Intangible Lease Liabilities Gross
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6770000
CY2024Q3 us-gaap Below Market Lease Accumulated Amortization
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1954000
CY2023Q4 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
1863000
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CY2023Q4 us-gaap Below Market Lease Net
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CY2024Q3 pine Intangible Assets Liabilities Net Excluding Goodwill
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36216000
CY2023Q4 pine Intangible Assets Liabilities Net Excluding Goodwill
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44385000
CY2024Q3 us-gaap Amortization Of Intangible Assets
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2077000
CY2023Q3 us-gaap Amortization Of Intangible Assets
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2218000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
6361000
us-gaap Amortization Of Intangible Assets
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CY2024Q3 us-gaap Amortization Of Below Market Lease
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136000
CY2023Q3 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
110000
us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
361000
us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
299000
CY2024Q3 pine Amortization Of Intangible Assets And Liabilities
AmortizationOfIntangibleAssetsAndLiabilities
1941000
CY2023Q3 pine Amortization Of Intangible Assets And Liabilities
AmortizationOfIntangibleAssetsAndLiabilities
2108000
pine Amortization Of Intangible Assets And Liabilities
AmortizationOfIntangibleAssetsAndLiabilities
6000000
pine Amortization Of Intangible Assets And Liabilities
AmortizationOfIntangibleAssetsAndLiabilities
6422000
CY2024Q3 pine Finite Lived Intangible Assets Liabilities Net Future Amortization Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsLiabilitiesNetFutureAmortizationRemainderOfFiscalYear
1826000
CY2024Q3 pine Finite Lived Intangible Assets Liabilities Net Future Amortization Year One
FiniteLivedIntangibleAssetsLiabilitiesNetFutureAmortizationYearOne
6971000
CY2024Q3 pine Finite Lived Intangible Assets Liabilities Net Future Amortization Year Two
FiniteLivedIntangibleAssetsLiabilitiesNetFutureAmortizationYearTwo
6616000
CY2024Q3 pine Finite Lived Intangible Assets Liabilities Net Future Amortization Year Three
FiniteLivedIntangibleAssetsLiabilitiesNetFutureAmortizationYearThree
5277000
CY2024Q3 pine Finite Lived Intangible Assets Liabilities Net Future Amortization Year Four
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4376000
CY2024Q3 pine Finite Lived Intangible Assets Liabilities Net Future Amortization Year Five
FiniteLivedIntangibleAssetsLiabilitiesNetFutureAmortizationYearFive
3581000
CY2024Q3 pine Finite Lived Intangible Assets Liabilities Net Future Amortization After Year Five
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7569000
CY2024Q3 pine Finite Lived Intangible Assets Liabilities Net Future Amortization
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36216000
us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
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P8Y8M12D
CY2024Q3 pine Income Property Tenant Receivables Net Of Allowance For Doubtful Accounts
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950000
CY2023Q4 pine Income Property Tenant Receivables Net Of Allowance For Doubtful Accounts
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809000
CY2024Q3 us-gaap Prepaid Insurance
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34000
CY2023Q4 us-gaap Prepaid Insurance
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CY2023Q4 pine Deposits On Acquisitions
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60000
CY2024Q3 pine Prepaid Expense Deposits Assets And Miscellaneous Other Assets
PrepaidExpenseDepositsAssetsAndMiscellaneousOtherAssets
1554000
CY2023Q4 pine Prepaid Expense Deposits Assets And Miscellaneous Other Assets
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1757000
CY2024Q3 pine Deferred Finance Costs Net Line Of Credit
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CY2023Q4 pine Deferred Finance Costs Net Line Of Credit
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CY2023Q4 us-gaap Derivative Assets
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CY2023Q4 us-gaap Prepaid Expense And Other Assets
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CY2024Q3 us-gaap Allowance For Doubtful Accounts Receivable
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CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2024Q3 us-gaap Operating Lease Right Of Use Asset
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CY2023Q4 us-gaap Operating Lease Right Of Use Asset
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CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
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us-gaap Operating Lease Right Of Use Asset Amortization Expense
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CY2023Q3 us-gaap Operating Lease Payments
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us-gaap Operating Lease Payments
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us-gaap Operating Lease Payments
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CY2024Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2024Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P6Y8M12D
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P7Y2M12D
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CY2024Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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46000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due
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CY2024Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2024Q3 us-gaap Operating Lease Liability
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CY2024Q3 pine Disposal Group Including Discontinued Operation Real Estate Assets
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CY2023Q4 pine Disposal Group Including Discontinued Operation Real Estate Assets
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CY2024Q3 pine Disposal Group Including Discontinued Operation Intangible Lease Assets
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CY2023Q4 pine Disposal Group Including Discontinued Operation Intangible Lease Assets
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749000
CY2024Q3 pine Disposal Group Including Discontinued Operation Intangible Lease Liabilities
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39000
CY2023Q4 pine Disposal Group Including Discontinued Operation Intangible Lease Liabilities
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39000
CY2024Q3 pine Disposal Group Including Discontinued Operation Straight Line Adjustment
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CY2023Q4 pine Disposal Group Including Discontinued Operation Straight Line Adjustment
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CY2024Q3 us-gaap Disposal Group Including Discontinued Operation Other Assets
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CY2024Q3 pine Disposal Group Including Discontinued Operation Assets Prior To Provision For Impairment
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CY2023Q4 pine Disposal Group Including Discontinued Operation Assets Prior To Provision For Impairment
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CY2024Q3 pine Disposal Group Including Discontinued Operation Provision For Impairment
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CY2023Q4 pine Disposal Group Including Discontinued Operation Provision For Impairment
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CY2023Q4 us-gaap Security Deposit Liability
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CY2024Q3 us-gaap Other Liabilities
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CY2023Q4 us-gaap Other Liabilities
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CY2024Q3 us-gaap Interest Rate Derivative Liabilities At Fair Value
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CY2023Q4 us-gaap Interest Rate Derivative Liabilities At Fair Value
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CY2024Q3 pine Loan Reserves
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CY2023Q4 pine Loan Reserves
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CY2024Q3 us-gaap Operating Lease Liability
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CY2023Q4 pine Accounts Payable Accrued Expenses And Other Liabilities
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CY2024Q3 us-gaap Debt Instrument Face Amount
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CY2023Q4 pine Deferred Finance Costs Net Excluding Line Of Credit
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CY2024Q3 us-gaap Long Term Debt
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CY2023Q4 us-gaap Long Term Debt
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CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
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CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
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CY2024Q3 us-gaap Debt Instrument Carrying Amount
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CY2024Q3 us-gaap Debt Instrument Carrying Amount
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CY2024Q3 pine Deferred Finance Costs Net Excluding Line Of Credit
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CY2024Q3 us-gaap Long Term Debt
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CY2024Q3 pine Deferred Finance Costs Net Excluding Line Of Credit
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CY2024Q3 pine Deferred Finance Costs Net Line Of Credit
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CY2024Q3 us-gaap Interest Expense Debt Excluding Amortization
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us-gaap Interest Expense Debt Excluding Amortization
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CY2024Q3 pine Interest Expense Obligation Under Participation Agreement
InterestExpenseObligationUnderParticipationAgreement
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pine Interest Expense Obligation Under Participation Agreement
InterestExpenseObligationUnderParticipationAgreement
369000
CY2024Q3 us-gaap Amortization Of Financing Costs
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CY2023Q3 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
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us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
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us-gaap Amortization Of Financing Costs
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CY2024Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
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CY2023Q3 us-gaap Interest Expense Debt
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us-gaap Interest Expense Debt
InterestExpenseDebt
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CY2023Q3 us-gaap Interest Paid Net
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us-gaap Interest Paid Net
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CY2024Q3 pine Interest Rate Swap Effective Percentage
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CY2024Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2024Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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1703494
CY2023Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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1703494
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us-gaap Operating Lease Lease Income
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us-gaap Revenue Not From Contract With Customer Other
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CY2023Q3 us-gaap Revenues
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CY2023Q3 us-gaap Asset Impairment Charges
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CY2023Q3 us-gaap Gain Loss On Disposition Of Assets1
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us-gaap Gain Loss On Disposition Of Assets1
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us-gaap Gain Loss On Disposition Of Assets1
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CY2023Q3 us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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CY2024Q3 us-gaap Depreciation Depletion And Amortization
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CY2023Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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CY2024Q3 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
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CY2023Q3 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
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us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
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us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
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CY2024Q3 us-gaap Assets
Assets
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CY2023Q4 us-gaap Assets
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dei Document Fiscal Year Focus
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CY2024Q3 ecd Rule10b51 Arr Adopted Flag
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CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
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CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

Name View Source Status
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0001558370-24-013368-index.html Edgar Link pending
0001558370-24-013368.txt Edgar Link pending
0001558370-24-013368-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
pine-20240930.xsd Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
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